Hedge Fund Manager Invested 90% of His Money In Bitcoin. Here’s Why

While lots of prudent investors argue whether it is better to purchase the whole bitcoin or just its fraction, some bullish bitcoin supporters pile thousands into it. Among them, there is Brian Kelly, a hedge fund manager who claims to have invested 90% of his funds in this phenomenal currency.

All Or Nothing

On February 10, Kelly, who is a constitutor of BK Capital Management, claimed on
CNBC
that almost all his capital is piled into the king of all cryptos. According to his estimation, it is about 90%.

"I run a fund. I have my money in that. I've got investments elsewhere," also said Kelly.

At the same time, he admitted that investing almost everything into BTC is not for every person on earth.

Coping With Gyrations

Kelly is really going to either gain everything or nothing, considering the last week bitcoin’s drastic gyrations. A week ago, on February 6, it went down below the margin of $6,000, an unprecedented result in 2018. During last week, bitcoin was experiencing 10-25% swings both down- and upward. Even though currently its price is
fixed
at about $8,600 per unit, there is a possibility that new gyrations in price will occur.

Notwithstanding the above, Kelly is not panicking and seems to be a battle-hardened ‘hodler.’

“I am comfortable with that,"
said the manager, commenting on bitcoin’s volatility.

Understanding the Phenomenon

Moreover, Kelly believes that people should not consider bitcoin only as a payment system.

"This is broader than just a currency. I'm making a bet that this is a new asset class in general," said BTC bull.

He acknowledged that some cyber coins are utilized in
“deep web,”
but he also said that in the future a universal cryptocurrency would crop up and that might not be bitcoin.